As a former wealth banker, the Opporunity Zone Funds surfaced right after the legislation was enacted and were highly sought-after and then dumped by investors for the lackluster performance and risk. 

Renters don’t (overly) care about surfaces and finishes, etc.  

What about a surface deck with a gazebo? 

Leaking valleys, dormers, lack of maintenance on flat roof surfaces, missing shingles/shakes all can create leaks that will run all the way down through the house, rotting framing, flooring, damaging ceilings and anything else the water comes in contact with from the very top to the very bottom of your structure.

Your math looks good on the surface and as an agent here in Sacramento I can tell you I am seeing essentially the same things you are.

Unless, some new information has surfaced, we've been considering this one as well.Fremontbank.comCalcoastcu.orgFigure.com

@Edward Yoo pm me about modular,  doing an 8 unit modular project now at about $100/sf construction costs,  nice finish out w/ all hard surfaces. 

I know this is long, but hopefully it will help you see how complex commercial leases can be and this has only scratched the surface.  

I guess where I could really focus in on is credibility for the business at surface level.Thanks for your contribution to the post, extremely valuable nuggets you're dropping! 

@Timothy Dumbleton Definitely double check with your CPA/attorney but, on the surface, I see no tax benefit to electing to be taxed as an S Corp.